Davis Polk advised Lloyds TSB Bank plc, a public limited company incorporated in England, on its SEC-registered offering of $1.5 billion aggregate principal amount of 4.2% senior notes due 2017, fully and unconditionally guaranteed by Lloyds Banking Group plc. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as joint bookrunners and joint lead managers; Lloyds Securities Inc. acted as joint lead manager.

Lloyds TSB Bank plc is a wholly owned subsidiary of Lloyds Banking Group plc, a global financial institution based in the United Kingdom offering banking, investments, insurance and retirement services worldwide. 

The Davis Polk corporate team included partner John W. Banes and associates Jeannette K. Safi and Martin Bengtzen. Partner John D. Paton and associate Adam B. Perry provided tax advice. Rachel Sterling was the legal assistant on the transaction. All members of the Davis Polk team are based in the London office.